English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109952/140903 (78%)
Visitors : 46048193      Online Users : 675
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112646


    Title: 台灣上市生技公司重大訊息揭露與投資人關係研究
    Research on Relationship between Disclosure of Important Information and Investor Relations of Biotechnology Stock Companies
    Authors: 劉席瑋
    Contributors: 郭維裕
    劉席瑋
    Keywords: 台灣上市生技公司
    揭露重大訊息
    投資人關係
    Taiwan biotechnology stock companies
    Disclosure of important information
    Investor relations
    Date: 2017
    Issue Date: 2017-09-13 14:29:47 (UTC+8)
    Abstract: 本研究的目的是要瞭解台灣上市生技公司揭露重大訊息與投資人關係的現況,進而分析並討論不同個人背景變項在揭露重大訊息與投資人關係上之差異情形,以及揭露重大訊息與投資人關係之相關情形,最後探討揭露重大訊息與投資人關係之預測情形。本研究係採立意抽樣方式進行問卷調查,正式問卷施測共計發出500份,有效問卷為325份。本研究將所搜集的資料分別以描述統計分析、單因數變異數分析、皮爾森積差相關和多元逐步回歸分析等進行資料分析處理。
      從本研究之資料分析中獲得下列結論:
    一、投資人對整體揭露重大訊息與整體投資人關係的看法均介於中上程度的水準。
    二、不同背景變項的投資人所覺知之揭露重大訊息在「婚姻狀況」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。
    三、不同背景變項的投資人所覺知之投資人關係在「性別」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。
    四、台灣上市生技公司揭露重大訊息各構面與投資人關係各構面均呈正相關,且均達顯著差異水準。
    五、揭露重大訊息與投資人關係間達顯著相關,且揭露重大訊息各向度對投資人關係具有中等程度的預測力。

      最後依據研究過程與結論,提出具體建議,作為投資人、上市生技公司以及未來研究者的參考。
    The purpose of this research is to understand the current status of the disclosure of important information and investor relations of the biotechnology stock companies, and then analyze and discuss the difference of different personal background variables on the disclosure of important information and investor relations, and the correlation between the disclosure of important information and investor relations, and finally discusses the prediction status of the disclosure of important information towards the investor relations. This research adopts questionnaire sampling, and 500 pcs of formal questionnaires were issued, so that 325 pcs were valid. Besides, this research carries out information analysis on the collected material through descriptive statistics, one-way analysis of variance, Pearson product-moment correlation, multiple stepwise regression analysis, etc.
    From the information analysis on this research, the following conclusion can be achieved:
    1.The biotechnology stock investor’s perspective on the whole disclosure of important information and investor relations is above the average level.
    2.The disclosure of important information perceives by the biotechnology stock investor with different background variables has remarkable difference on marital status, age, education background, and annual salary.
    3.The investor relations perceive by the biotechnology stock investor with different background variables has remarkable difference on gender, age, education background, and annual salary.
    4.Each perspective of the disclosure of important information and investor relations of the biotechnology stock investors presents positive correlation, and reaches the level of obvious difference.
    5.The correlation between the disclosure of important information and investor relations is remarkable, and each dimension of the disclosure of important information has medium degree of predictive power towards the investor relations.

    Finally, according to the research process and conclusion, it puts forward specific suggestions as the reference for the competent authorities and biotechnology stock investors, and future researchers.
    Reference: 一、中文部份

    王麗珍(2004)。盈餘宣告資訊效果與公司股價行為之研究。未出版碩士論文,私立銘傳大學財務金融在職專班,台北市。
    朱嘉文(2001)。企業網路報導決定因素之研究。未出版碩士論文,國立台灣大學會計學研究所,台北市。
    林寶珍(2004)。上市公司減資方式與其股價異常報酬關係之研究。未出版碩士論文,私立東吳大學國際貿易學系,台北市。
    林素雯(2003)。除權交易日與宣告日前後的股價異常報酬分析。未出版碩士論文,私立龍華科技大學商學與管理學研究所碩士班,台北市。
    林植蔭(2001)。企業線上財務及非財務資訊報導之探索性研究,未出版碩士論文,中國文化大學會計研究所,台北市。
    胡力中(2003)。企業購併成敗與股價變化的關聯性研究-以台灣上市(櫃)企業為例。未出版碩士論文,私立中原大學企業管理研究所,桃園市。
    洪崇熙(2004)。資訊科技投資多宣告窗口認定與股價異常報酬關聯性之研究。未出版碩士論文,國立雲林科技大學企業管理學系,雲林縣。
    柯芳枝(1997),公司法論,台北市:三民書局。
    茹茂智(2004)。公司調降財測與股價波動關聯性之研究。未出版碩士論文,私立東吳大學企業管理學系,台北市。
    吳麗皙(2001)。公司資訊揭露與投資者信念關係之研究。未出版碩士論文,私立中國文化大學國際企業管理研究所,台北市。
    陳昱亨(2001)。創業家與投資者關係之研究:程序公平理論之應用。未出版碩士論文,高雄第一科技大學金融營運研究所,高雄市。
    陳欣伶(2003)。台灣股利發放形式之價格效果與其影響因素。未出版碩士論文,國立中正大學企業管理研究所,嘉義縣。
    楊光華(1995)。機構投資人與公司管理,政大法學評論,pp53。
    葉銀華、李存修、柯承恩(2002),公司治理與評等系統(初版),台北市:商智文化事業股份有限公司。
    葉昶志(2004)。裁員宣告對股價之影響-以美國公司為例。未出版碩士論文,國立成功大學企業研究所,台南市。
    黃靖雅(2004)。修正式無保留意見之資訊內涵-運用Ohlson 模型。未出版碩士論文,國立成功大學會計學系,台南市。
    劉倩妏(2003)。以投資人關係為目的之資訊揭露,未出版碩士論文,國立中正大學企業管理研究所,嘉義縣。
    劉敏禎(2002)。企業赴海外直接投資之訊息宣告對股票報酬影響研究-以台灣上市公司在大陸投資為例。未出版碩士論文,國立東華大學國際企業研究所,花蓮市。
    劉佳怡(2000)。我國企業即時財務揭露決定因素及資訊內涵之探討。未出版碩士論文,東海大學管理研究所,台中市。

    二、英文部份

    Akhigbe, A., Madura, J., & Tucker, A. (1997). Long-term valuation effects of shareholder activism. Applied Financial Economics, 7(5), 567-573.
    Ayres I.,& Cramton P. (1994). Relational investing and agency theory. Cardozo Law Review, 15, 1033-1066.
    Bebchuk, L. (2005). The case for increasing shareholder power. Harvard Law Review, 118(3), 833-914.
    Bebchuk, L., & Weisbach, M. (2010). The state of corporate governance research. Review of Financial Studies, 23(3), 939.
    Beaver, W. H.(1968). The Information Content of Annual Earnings Announcements. Journal of Accounting Research, 6, 67-92.
    Bollen, L., Hassink, H., & Bozic, G., (2006). Measuring and Explaining the Quality of Internet Investor Relations Activities: A Multinational Empirical Analysis. International Journal of Accounting Information Systems, 7(4), 273-298.
    Becht, M., Franks, J., Mayer, C., & Rossi, S. (2009). Returns to shareholder activism: Evidence from a Clinical Study of the Hermes UK Focus Fund. The Review of Financial Studies, 22(8), 3093-3129.
    Brennan, N., and Kelly, S., (2000). Use of the Internet by Irish companies for investor relations purpose. IBAR. Dublin 21(2), 107-135.
    Brennan, M., B., & Tamarowski C. (2000). Investor Relations, Liquidity, and Stock Prices. Journal of applied Corporate Finance, 12, 26-37.
    Brown, I. (1994). Getting a grip on investor relations. Directors and Boards, 19, 44-46.
    Bushee, B. J., D. A, Matsumoto, and G. S., Miller. (2003). Open vs. Closed Conference Call: The Determinantsand Effects of Broadening Access to Disclosure. Journal of Economics, February, 149-180.
    Clarke, G., & Murray, L. W. (2000). Investor relations:Perceptions of the annual statement. Corporate Communications, 5(3), 144-151.
    Chang, M.M., D`anna, G., Watson, I.D. & Wee. M.G.W. (2008). Does Disclosure Quality via Investor Relations Affect Information Asymmetry? Australian Journal of Management, 33(2), 375-390.
    Cooney,J.W..and A.Kalay. (1993). Positive information from equity issue announcements. Journal of Financial Economics, 33,149-172.
    Douglas W. Diamond and Robert E. Verrecchia (1991). Disclosure, Liquidity, and Cost of Capital. The Journal of Finance, 66(4), pp.1325-1359.
    Davis, J. (1990, April 10). Growth in investor relations; `Investor Relations: how to make sure the financial community supports your company. The Independent, p.21.
    Dolphin, R. R. (2004). The strategic role of investor relations. Corporate Communications: An International Journal, 9(1), 25-42.
    Eng L.L.,Mak Y.T. (2003). Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Public Policy, Vol.22,325-345.
    Elgin, P.R. (1996). IR Action Bolsters Stock Price after Merger News. Corporate Cash flow, 17, 4.
    Essman, A. V. (1989). Senior Management’s Role in an Effective Investor Relations Program. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Farragher, E. J., Kleiman, R. T. and Bazaz, M. S. (1994). Do Investor Relations make a Difference? The Quarterly Review of Economics and Finance, Vol.34, pp.403-412.
    Ferris, R. D. (1989). Why It’s Important to Understand Who Owns stock. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Frankle, R., McNichols, M., & Wilson, G. P. (1995). Discretionary disclosure and external financing. Accounting Review, 70, 135-150.
    Frankel, R., Johnson, M. & Skinner, D. (1999). An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium. Journal of Accounting Research, 37, 133-150.
    Goczol, J., & Scoubeau, C. (2003). Corporate communication and strategy in the field and projects. Corporate Communications, 8(1), 60-66.
    Geerings, J., Bollen, L. H. H., & Hassink, H. F. D. (2003). Investor relations on the internet: A survey of the Euronext zone. European Accounting Review, 12(3), 567-579.
    Gerald K. Chau and Sidney J. Gray (2002). Ownership Structure and Corporate Voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37, pp.247-265.
    Gillan, S., & Starks, L. (2000). Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics, 57(2), 275-305.
    Goshen, Z., & Parchomovsky, G. (2001). On Insider Trading, Markets and Negative Property Rights in Information. Virginia Law Review, 87(7), 1229-1277.
    Greer, R. P. (1989). Creating Effective Relationships with Employee-Shareholders. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones nd Company, Inc.
    Gregory, J. R. (1997). ROI:Calculating advertising’s impact on stock price. Corporate Reputation Review, 1(1/2), 56-60.
    Hamid, F. Z. A. (2005). Malaysian companies’ use of the internet for investor relations. Corporate Governance, 5(1), 5-14.
    Hoffmann, A. O. I., Pennings, J. M. E., & Wies, S. (2011). Relationship marketing`s role in managing the firm-investor dyad. Journal of Business Research, 64(8), 896-903.
    Holland, J. B. (1998). Private disclosure and financial reporting. Accounting and Business Research, 28(4), 255-269.
    Hong H, & Huang, M. (2005). Talking up liquidity: insider trading and investor relations. Journal of Financial Intermediation, 14(1), 1-31.
    Healy, P. M. & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405-440.
    Holoyda, O. (1989). Creating Effective Relationships with Securities Analysts. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Johnson, J. D. (1989). Establishing the Investor Relations Function. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Kasznik, R., and Lev, B. (1995). To warn or not to warn: management disclosures in the face of an earnings surprise. The Accounting Research, 70(1), 113-134.
    Lake, D., & Graham, J. (1990). Investor Relations. New Jersey: Prentice-Hall.
    Lincoln, P. C. (1989). Investor Relations: The User’s Perspective. In Nichols, D. R. The Handbook of investors relations, Illinois: Dow Jones and Company Inc.
    Lang, M. and Lundholm, R. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, Vol. 71(4), pp.467-492.
    Mahoney, W. F. (1991). Investor Relations: The Professional’s Guide to Financial Marketing and Communications. NYIF Corp. McKinsey & Company, (2000, June). Investor Opinion Survey.
    Marston, C., & Straker, M. (2001). Investor relations: A European survey. Corporate Communications, 6(2), 82-93.
    Marston, C. (1996). Investor Relations: Meeting the Analysts, Research Committee of the Institute of Chartered Accountants of Scotland.
    Marston, C., & Straker, M. (2001). Investor relations: A European survey. Corporate Communications, 6(2), 82-93.
    Merkel, E. M. (1989). Determining and Delivering the IR Message. In Nichols,D.R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Myers, S. C., and N. Majluf. (1984). Corporate Investment and Financing Decisions When Firms Have Information That Investor Do Not Have. Journal of Financial Economics, 13, 187-222.
    Paul Asquith and David W.Mullins, Jr. (1986). Equity Issues and Offering Dilution. Journal of Financial Economics, Vol.15, N0.1, 61-90.
    Pettit. (1972). Dividend Announcements, Security Performance, and Capital Market Efficiency. Journal of Finance, Vol.27, N0.5, 993-1007.
    Pincus, T. H. (1989). Emerging from the dark ages: an overview of the investor relations art today. In Nichols, D. R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
    Rao, H., and Sivakumar, K. (1999). Institutional Sources of Boundary-Spanning Structures: The Establishment of Investor Relations Departments in the Fortune 500 Industrial. Organization Science, 10(1), 27-41.
    Robert G. Eccles and Sarah C. Mavrinac (1995). Improving the Corporate Disclosure Process. Sloan Management Review, 36(4), pp.11-25.
    Roulstone D. (2003). Analyst Following and Market Liquidity. Contemporary Accounting Research, 20(3), 551-578.
    Shleifer, A., and R. Vishny (1997). A Survey of Corporate Governance. Journal of Financial Economics, 52, 737 - 783.
    Ross, S. (1977). The Determination of Financial Structure: The ncentive-Signaling Approach. Bell Journal of Economics (Spring), Vol.8,No.1,23-40.
    Sapienza, H. J. & Korsgaard, M. A. (1996). Procedural justice in entrepreneur investor relations. Academy of Management Journal, 39(3), 544-574.
    Thompson, L. M. (1990). Foreword, In Investor Relations, Euromoney Publications PLC Nestor House, Playhouse Yard London EC4V 5EX.
    Tuominen, P. (1997). Investor ralations:A Nordic school approach. Corporate Communications, 2(1), 46-55.
    Useem, M. (1998). Corporate leadership in a globalizing equity market. Academy of Management Executive, 12(4), 43-59.
    Yamauchi, K. (2001). Corporate communications:A powerful tool for stating corporate missions. Corporate Communications, 6(3), 131-136.
    Yoshikawa T., & Gedajlovic, E. R. (2002). The impact of global capital market exposure and stable ownership on investor relations practices and performance of Japanese firms. Asia Pacific Journal of Management, 19, 525-540.
    Zairi, M., and Letza, S. (1994). Corporate reportings. Management Decision, 32(2), 30-40.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    103932185
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1039321852
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

    Files in This Item:

    File SizeFormat
    185201.pdf2622KbAdobe PDF227View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback